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Tyco International Reports Q1 Earnings From Continuing Operations Before Special Items.
Hamilton, Bermuda - 06 February, 2009 - Tyco International Ltd. has reported $0.57 in diluted earnings per share (EPS) from continuing operations for the fiscal first quarter of 2009 and diluted EPS from continuing operations before special items of $0.61 per share. Diluted EPS from continuing operations was negatively impacted by special items which totaled $0.04 per share. Revenue in the quarter of $4.4 billion declined 8% versus the prior year, mostly due to the impact of the strengthening U.S. dollar against foreign currencies. Organic revenue declined 1% in the quarter.
"As we expected, our results this quarter were impacted by the strengthening of the U.S. dollar against foreign currencies, but our overall revenue came in at the high end of our expectations," said Tyco Chairman and Chief Executive Officer Ed Breen. "In this challenging economy, we are focused on both reducing our cost structure and positioning our businesses for long-term growth. At the same time, our strong and improving balance sheet is an important asset for our company in the current environment."
Organic revenue, free cash flow and income and diluted EPS from continuing operations before special items are non-GAAP financial measures and for a reconciliation of these non-GAAP measures, see the full press release to be found at www.tyco.com on the Investor Relations portion of Tyco's Website.